Question

Solve the problem. Round your answer to three decimals.

What annual rate of interest is required to triple an investment in 4 years?

Step 1

We use the following compound interest formula, where

A: = future value of the deposit,

P: = principal or amount of money deposited,

r: = annual interest rate in decimal form,

n: = number of times compounded per year,

t: = total time in years.

Step 2

Now as give in question,

A = 3P, t = 4, n = 1,

Substi...

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